ET reported that India has decided to consider a sovereign wealth fund to assist its state-run units acquire oil and mineral assets and related raw material abroad as part of its larger goal for achieving energy security and approved a new policy in this regard.

In a meeting of the union cabinet, chaired by Mr Manmohan Singh Prime Minister of India it was also decided to set up a Coordinating Committee of Secretaries under the cabinet secretary to ensure expeditious approvals and sanctions for acquisition of overseas assets.

The new policy comes against the backdrop of limited success of Indian state-run units such as Oil and Natural Gas Corp, Coal India and National Thermal Power Corp in acquiring oil blocks and ores abroad to meet the demand back home.

(Sourced from Economic Times)